DOCSLIB.ORG

4. Overview of JSC VTB Bank and Other VTB Group Companies 23 4.1

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
4. Overview of JSC VTB Bank and Other VTB Group Companies 23 4.1 2007 From opportunities to achievements Annual Report Report Annual Annual Report 2007 2007 VTB Annual Report Our Mission JSC VTB Bank is the largest financial institution in Russia. It is the main entity of the VTB Group, a leading universal Russian banking group offering a wide range of banking products and services in Russia, the CIS, Western Europe, Africa and Asia. Our vision To participate in the growth of the Russian economy and the Russian corporate sector. Our mission VTB is a leading banking group, representing Russia in international markets and providing professional financial services. VTB brings international experience to the contemporary Russian banking system, which promotes the success of our clients. We are proud to introduce to the world a Russia that is ready for meaningful partnership and development. VTB strives to offer Russia’s intellectual and spiritual potential, strong character and hospitality to the world, and is building qualitatively new relationships internationally. Our strategy To be a leader in servicing corporate and retail clients in Russia and the first Russian banking group capable of serving its clients worldwide. 2007 VTB Annual Report 2 Statement of the Chairman of the Supervisory Council Dear shareholders, clients and partners, Please allow me to present VTB’s Annual Report for 2007, which summarizes the results of one of the most important periods for the Group. For the past two years we have been preparing for an initial public offering, which took place successfully in May 2007. As one of the key players in the Russian financial system, VTB impacts not only the path of development of the banking sector, but the country’s economic system as a whole. Based on the results of recent years we can speak with confidence of the growth of Russia’s macroeconomic stability and financial independence. The result is growing prosperity among the population, and an investment boom that has been observed over the past two years. Statement of the Chairman of the Supervisory Council 3 In 2007 disposable household income grew by for the banking sector. The rate of growth of most 10.4%. The average salary reached RUB 13,527; indicators was the highest in recent years. Banking its real growth was 16.2%. These indicators are sector assets grew by 44.1%, while the rate of capital reflected in the development of the banking sector. growth was 57.8%. Positive economic trends and rising household income led to increased activity of Russian citizens Even in this context, VTB’s success stands out. Its on financial markets. VTB was in a strong position growth significantly outstripped the market average. to meet this growing demand as witnessed by For example, VTB’s assets grew by 76.7% due mainly the positive growth in all key areas of the Bank’s to the IPO carried out this year, the largest among business. European banks in 2007. Last year the Russian economy faced a series of VTB’s contribution to the development of the banking problems. First and foremost, the most pressing sector and the Russian economy, as a whole, problem was inflation, which was tied to a significant is increasing with every year. VTB is among the degree, to the rising prices for certain goods on leaders in virtually all spheres of financial activity, world markets. Our country, which is already highly and is one of the fastest growing banking groups integrated into the global economy, felt the effect of in the country. the negative developments in the economy. I would like to thank staff, colleagues and all our Thanks to effective delivery of its strategy, VTB clients and business partners for the part they played managed to neutralize the consequences of these in our success in 2007. The challenge is to continue trends and significantly decrease the level of to deliver in 2008. macroeconomic risks. The outcome of these efforts is VTB’s impressive results, which are reflected in this report. The key indicators of banking activity in Russia allow Deputy Chairman of the Government us to characterize 2007 as a very successful year of the Russian Federation, Minister of Finance of the Russian Federation, and Chairman of the Supervisory Council of JSC VTB Bank Alexey Kudrin 2007 VTB Annual Report 4 Statement of the Chairman and CEO Dear shareholders, clients and partners, We are pleased to present the results for 2007, which, we believe, mark a watershed for VTB. In May 2007 VTB Bank’s initial public offering took place, which was a landmark economic event for Russia and the global capital markets. VTB Bank’s initial public offering was the second largest IPO in the world in 2007 and the largest banking IPO in Europe. During the IPO 22.5% of shares were distributed among Russian and international investors and the overall amount of equity raised was nearly USD 8 billion. VTB Bank’s IPO was “public” in the truest sense of the word; as a result of the offering, more than 120,000 Russians became stockholders in the Bank. This is a record for the Russian stock market both in terms of the number of participating retail investors and the volume of equity raised. Despite the instability of the Russian financial market in 2007 triggered by the crises in the global financial system, VTB demonstrated noteworthy financial stability and reliability. We are confident in the future stability of the Russian financial market and the Russian banking system and in the ability of the Russian economy to successfully withstand crises in the global market and to compensate for a downturn of the world economy. Embarking on the initial public offering, we outlined VTB’s main development directions and strategic goals for our investors. In particular, our corporate business goals are to strengthen our leading market positions, continue to diversify and to increase our business efficiency. Statement of the Chairman and CEO 5 The objective of our retail business is to significantly 1st place among lead managers of bond issues increase turnover and market share in all product on the domestic market. At the same time, segments. VTB plans to actively develop leasing, we recognize that VTB’s investment banking business investment banking services (including asset must develop even more rapidly in the future. management), insurance and to improve its system Our main goal for the coming years is turning VTB into of corporate governance. a leader in Russian investment banking services. The priority area for the VTB Group outside Russia Although it is a for-profit business, VTB occupies an is the CIS countries, where the Group’s goal is to active social position regarding sponsorship and become the local market leader. In Asia and Africa charity as an important part of its work and its overall VTB plans to serve clients from Russia and the CIS mission as a corporate citizen. and foreign clients doing business in Russia and the CIS and to take part in joint investment projects. In The growth in our financial results is enabling us to Western Europe the VTB Group plans to continue expand and diversify VTB’s sponsorship and charity serving Russian business and assisting Russian programs, whose key priorities remain culture, companies in accessing European capital markets. education, sports and public healthcare, as well as targeted social assistance. VTB Group has achieved considerable success since the beginning of 2007: its equity has increased by Our efforts are concentrated on taking advantage of 2.4 times and by 31 December 2007 it had reached the opportunities now arising for ensuring VTB’s long- USD 16,501 million; the size of its assets increased term growth, as well as turning Russia into one of the by 76.7% to USD 92,609 million. Consolidated net most highly developed nations in the world. profit grew in 2007 by 28.4% to USD 1,514 million. This growth occurred due primarily to the growth in In conclusion, I would like to express my recognition net interest yields and net fee revenues. to my colleagues for their professionalism, hard work and excellent team spirit. I would also like to thank For the accounting year of 2007 VTB Group achieved VTB’s shareholders, clients and partners for their excellent results in its principal spheres of activity. cooperation and wish them success and prosperity in 2008. VTB24, the cornerstone of the VTB Group’s retail business, successfully implemented social programs of the utmost importance in the sphere of mortgage loans and support for small businesses. Chairman and CEO of JSC VTB Bank As a result, the VTB Group jumped from 4th place to 3rd place on the retail credit market and increased Andrey Kostin its market share from 2.6% in 2006 to 5.9% in 2007. In 2007 VTB’s corporate business grew faster than the market average, which allowed us to increase our market share in loans to the corporate sector from 9% in 2006 to 10.7% in 2007 and in corporate deposits from 8.7% in 2006 to 10.2% in 2007. VTB Group also managed to strengthen market position in its investment banking business, taking 2007 VTB Annual Report 6 The VTB Group (hereinafter VTB, VTB Group and the The growth prospects and high development Group) is a leading Russian financial and banking potential of the Russian market of banking services group offering a broad range of banking products allow VTB to retain its position as a leader in all and services in Russia and the CIS, as well as in a sectors. number of countries in Western Europe, Asia and Africa. VTB is a universal banking group specializing The key component of VTB is JSC VTB Bank in corporate, retail and investment business.
Load more

Recommended publications
  • Annual Report Annual Reportannual
    World without barriers 2009 Annual report Annual reportAnnual 2009 Presence Overcoming Distance Cooperation with VTB, an international financial group, enables you to control all your business processes, no matter where you are. Mission and values Mission To provide world-class financial services for a sustainably better future for our customers, our shareholders and our society. Values Customer confidence. Our customers’ confidence is our most important value. Reliability. Our prominent position in financial markets, our international expertise and our global scale guarantee our strength and reliability. Transparency. Our business is open and transparent with a focus on partnership and cooperation. Versatility. Our expertise in different financial areas allows us to offer all customers comprehensive and sophisticated solutions. Team Spirit. Our dedicated team of professionals has the advantage of the synergy of knowledge, potential, energy and creative insight of each team member. Vision VTB will be a champion in all our target markets. Identity VTB Group is the leading Russian financial institution with global presence and scale. VTB 2009 Annual Report 2 Statement of the Chairman of the Supervisory Council Dear shareholders, clients and partners, Looking back at 2009, we are pleased that within the overall context of the global economic crisis Russia managed to avoid the worst fears of the market. The domestic economy largely overcame the issues posed by the crisis and even entered the first stage of economic recovery. The current state of the national banking sector can also be considered in a positive light as, in general, it has already achieved stability. The measures undertaken by the Government and the Bank of Russia to support banks in the second half of 2008 and throughout 2009 generally overcame the lack of liquidity in the market and maintained the stability of the financial system by meeting the credit supply needs of the real economy.
    [Show full text]
  • Spreads VTB Sustainability Report 2019
    MAINTAINING A BALANCE OF INTERESTS SUSTAINABILITY REPORT | 2019 2 Contents Statement of Andrey Kostin, VTB for the environment 82 President and Chairman Financing environmental projects 83 of the Management Board 4 Environmental impact management 88 Charitable environmental projects 93 VTB Group in 2019 8 VTB for society 96 Values 9 VTB Group in 2019: key highliths 10 Managing sponsorship and charity projects 97 Credit ratings of VTB Bank 11 A Sporting Country 100 Patriotism and a Country of Traditions 104 A Cultured Country 105 About VTB Group 14 An Educated Country 108 A Country for Business 111 VTB Group – mission and vision 16 A Healthy Country 114 Reliability as a core value 18 Internal control and business ethics 21 CSR management 23 About the Report 116 Contributing to the UN Sustainable Development Goals 27 Scope of the Report 116 Stakeholder engagement 30 Approach to determining material topics 118 VTB for clients 36 Appendices 122 Support for socially important businesses Membership in business associations 122 and cooperation with governmental agencies 40 Abbreviations 124 Promoting small and medium GRI Standards reference table 125 enterprise development 48 Providing socially important retail services 52 Availability and quality of banking services 58 Contact information 130 VTB for employees 64 Personnel management 65 Talent training and development 68 Employee motivation and remuneration 74 Corporate culture and internal communications 76 Occupational health and safety 79 3 Sustainability Report / 2019 Statement of Andrey Kostin, President and Chairman of the Management Board Dear Reader, This integration dramatically improved our manageability During the year, we worked towards strengthening while benefiting clients.
    [Show full text]
  • Company News SECURITIES MARKET NEWS
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody May 28, 2020 Issue No. 2020/20 Company News Samolet shareholders vote against new share issue for IPO On May 21, 2020 shareholders of Russian real estate developer Samolet voted against issuing additional common shares. Samolet earlier planned a new share issue for an initial public offering (IPO), but later abandoned the idea. A spokesperson for the company stated that the developer wants to approve a new additional share issue plan in the next two months and a half, but does not plan an IPO until the autumn. Rosneft board appoints Igor Sechin as CEO for 5 more years On May 22, 2020 the board of directors of Russian oil major Rosneft approved the appointment of Igor Sechin as the CEO of the company for five more years. Sechin became CEO of Rosneft in May 2012. Initially, his contract was valid until May 2015, when his powers were prolonged for five years. MTS board nominates members, including Channel One CEO Ernst On May 22, 2020 the board of directors of major Russian mobile operator MTS nominated a list of board candidates, including TV channel Channel One CEO Konstantin Ernst, to be elected at an annual general meeting of shareholders on June 24. The list also contains Felix Yevtushenkov, member of the board of directors of multi-industry holding Sistema, MTS’ core shareholder. The board also approved Natalia Mikheyeva as director for internal audit and control. Rosneftegaz cuts stake in Rosneft to 40.4% from 50% plus one share On May 25, 2020 it was reported that Russian state energy holding Rosneftegaz reduced its shareholding in oil major Rosneft to 40.4% from 50% plus one share on March 28 to lose its controlling position.
    [Show full text]
  • Annual Report 2017 CONTENTS
    Alfa Group Annual Report 2017 CONTENTS 3 Alfa Group’s Principal Businesses 4 Supervisory Board of Alfa Group 9 Alfa Group’s Investment Philosophy 11 ABH Holdings S.A. 16 Alfa Capital 18 AlfaStrakhovanie Group 20 Alfa Asset Management (Europe) S.A. 21 A1 23 X5 Retail Group 26 Rosvodokanal Group 27 IDS Borjomi International 28 Serving our Communities 30 Contact Information ALFA GROUP’S PRINCIPAL BUSINESSES Founded in 1989, Alfa Group* ("Alfa") is one of the largest privately owned financial-investment conglomerates in Russia. Alfa Group* is a combination of independent businesses operating mainly in Russia and the CIS. Alfa* companies’ businesses include commercial and investment banking, asset management, insurance, retail trade, water utilities, mineral water production as well as special-situation investments. Companies of Alfa* typically focus on value-oriented, longer-term opportunities, primarily in Russia and the CIS, but also invest in other markets which form part of their strategic business objectives. ABH Holdings S.A. Alfa Capital AlfaStrakhovanie Group ABH Holdings S.A. (ABHH) Alfa Capital manages investment One of the largest Russian is a privately owned Luxembourg- portfolios for a wide range of insurers with a diversified based holding company investing clients. portfolio of insurance products. into several banking groups in the CIS and Europe. Alfa Asset Management (Europe) S.A. А1 X5 Retail Group Luxembourg-based asset One of the leading investment Leading multi-format food retailer in management company for private businesses in Russia and the CIS. Russia. X5 Retail Group’s shares are and corporate clients in Europe. listed on the London Stock Exchange (LSE) and Moscow Exchange (MOEX) in the form of Global Depositary Receipts under the ticker “FIVE”.
    [Show full text]
  • US Sanctions on Russia
    U.S. Sanctions on Russia Updated January 17, 2020 Congressional Research Service https://crsreports.congress.gov R45415 SUMMARY R45415 U.S. Sanctions on Russia January 17, 2020 Sanctions are a central element of U.S. policy to counter and deter malign Russian behavior. The United States has imposed sanctions on Russia mainly in response to Russia’s 2014 invasion of Cory Welt, Coordinator Ukraine, to reverse and deter further Russian aggression in Ukraine, and to deter Russian Specialist in European aggression against other countries. The United States also has imposed sanctions on Russia in Affairs response to (and to deter) election interference and other malicious cyber-enabled activities, human rights abuses, the use of a chemical weapon, weapons proliferation, illicit trade with North Korea, and support to Syria and Venezuela. Most Members of Congress support a robust Kristin Archick Specialist in European use of sanctions amid concerns about Russia’s international behavior and geostrategic intentions. Affairs Sanctions related to Russia’s invasion of Ukraine are based mainly on four executive orders (EOs) that President Obama issued in 2014. That year, Congress also passed and President Rebecca M. Nelson Obama signed into law two acts establishing sanctions in response to Russia’s invasion of Specialist in International Ukraine: the Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Trade and Finance Ukraine Act of 2014 (SSIDES; P.L. 113-95/H.R. 4152) and the Ukraine Freedom Support Act of 2014 (UFSA; P.L. 113-272/H.R. 5859). Dianne E. Rennack Specialist in Foreign Policy In 2017, Congress passed and President Trump signed into law the Countering Russian Influence Legislation in Europe and Eurasia Act of 2017 (CRIEEA; P.L.
    [Show full text]
  • Securities Market Newsletter
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody February 11, 2021 Issue No. 2021/05 Market News Finance Ministry places RUB 49.398 bln of OFZ bonds On February 11, 2021 it was stated that Russia’s Finance Ministry had placed RUB 49.398 bln of OFZ government bonds at two auctions on February 10. At the first auction, the ministry placed RUB 28.846 bln of OFZ 26235 government bonds maturing in March 2031. The cut-off price amounted to 96.305% of a face value, and the weighted average price stood at 96.5309%. The cut-off yield amounted to 6.5% and the weighted average yield to 6.47%. Demand totaled RUB 47.656 bln. At the second auction, the authority placed RUB 16.206 bln of OFZ 26234 bonds maturing in July 2025. The cut-off price amounted to 95.64% of a face value, and the weighted average price stood at 95.6793%. The cut-off yield amounted to 5.7% and the weighted average yield to 5.69%. Demand totaled RUB 73.687 bln. At the third auction, the authority placed RUB 4.346 bln of OFZ 52003 bond with maturity in July 2030. The cut-off price amounted to 100.01% of a face value, and the weighted average price stood at 100.1769%. The cut-off yield amounted to 2.51% and the weighted average yield to 2.49%. Demand totaled RUB 10.131 bln. Company News Russia's USC denies planned acquisition by Rostec On February 5, 2021 chairman of the Board of Directors of USC Georgy Poltavchenko said that acquisition of United Shipbuilding Corporation (USC) by state corporation Rostec is not on the agenda.
    [Show full text]
  • Market News Politics Company News SECURITIES MARKET NEWS
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody September 24, 2020 Issue No. 2020/37 Market News Moscow Exchange to restart trade in RUSAL’s shares on September 28, 2020 On September 22, 2020 a spokesperson for the Moscow Exchange stated that the bourse suspended trade in shares of Russian aluminum giant UC RUSAL on September 22 and would restart it on September 28 after the company finishes the registration in the country. The suspension is connected to re-registration of the company from the Jersey Island into Russia. RUSAL said in a statement that the central bank had already registered the issue and a prospectus of securities under the re-registration process, and the company expects to obtain registration as an international company with the Federal Tax Service on Friday. In April 2018, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies, including Oleg Deripaska and his companies – En+ Group, carmaker GAZ Group, holding Basic Element, and RUSAL – among others. In December, the shareholders of En+ Group unilaterally voted for reregistration of the business in Russia and for Deripaska’s ownership reduction below 50% and an end to his influence on the board of directors. RUSAL and En+ Group were decided to be reregistered in a special administrative zone in Kaliningrad. Moscow Exchange to suspend trading in Mostotrest shares from September 24, 2020 On September 23, 2020 it was announced that the Moscow Exchange would suspend trading in the shares of construction company Mostotrest from September 24 due to reorganization of the company. Ruble falls 82.35 kopecks to RUB 77.18 per US dollar On September 24, 2020 it was reported that the weighted average rate of the Russian ruble with tomorrow settlement fell by 82.35 kopecks against the U.S.
    [Show full text]
  • Conscious Responsibility 2 Contents
    Social Report 2016 World Without Barriers. VTB Group Conscious Responsibility 2 Contents VTB Group in 2016 4 3.3. Internal communications and corporate culture 50 Abbreviations 6 3.4. Occupational health and safety 53 Statement of the President and Chairman of the Management Board of VTB Bank (PJSC) 8 4. Social environment 56 1. About VTB Group 10 4.1. Development of the business environment 57 1.1. Group development strategy 12 4.2. Support for sports 63 1.2. CSR management 13 4.3. Support for culture and the arts 65 1.3. Internal (compliance) control 16 4.4. Support for health care and education 69 1.4. Stakeholder engagement 17 4.5. Support for vulnerable social groups 71 2. Market environment 26 5. Natural environment 74 2.1. Support for the public sector and socially significant business 27 5.1. Sustainable business practices 74 2.2. Support for SMBs 34 5.2. Financial support for environmental projects 77 2.3. Quality and access to banking services 35 6. About the Report 80 2.4. Socially significant retail services 38 7. Appendices 84 3. Internal environment 44 7.1. Membership in business associations 84 3.1. Employee training and development 46 7.2 GRI content index 86 3.2. Employee motivation and remuneration 49 7.3. Independent Assurance Report 90 VTB Social Report 2016 About VTB Group Market environment Internal environment Social environment Natural environment About the Report Appendices VTB Group in 2016 4 VTB Group in 2016 5 RUB 51.6 billion earned 72.7 thousand people 274.9 thousand MWh in net profit employed by the Group
    [Show full text]
  • Program 1 “Futures Contracts on Ordinary Shares of Gazprom, LUKOIL, Sberbank, VTB Bank, Norilsk Nickel and Rosneft”
    Program 1 “Futures contracts on ordinary shares of Gazprom, LUKOIL, Sberbank, VTB Bank, Norilsk Nickel and Rosneft” 1. The table below shows instruments and their designations for which the Contractors must maintain quotes during the trading sessions on the Moscow Exchange Derivatives Market in accordance with this Program: Instrument Instrument name designation k=1 Futures contract on Gazprom ordinary shares k=2 Futures on Norilsk Nickel ordinary shares k=3 Futures contract on LUKOIL ordinary shares k=4 Futures on Rosneft ordinary shares k =5 Futures contract on Sberbank ordinary shares K=6 Futures contract on VTB Bank ordinary shares 2. Conditions for the Contractors’ obligations to be fulfilled 2.1. The following definitions are used to set the Contractors’ obligations parameters: Bid/ask quote spread The maximum difference between the best bid and the best ask made by Contractor 1 with respect to the Instrument. The spread is determined by the value used for determination of the Instrument’s price as set out in the Specifications. Best bid The price of an order to buy entered by Contractor 1 with respect to the Instrument, which volume (considering the volume of all Contractor 1’s orders to buy at the same price or higher) is no less than the minimum required order volume. Best ask The price of an order to sell entered by Contractor 1 with respect to the Instrument, which volume (considering the volume of all Contractor 1’s orders to sell at the same price or lower) is no less than the minimum required order volume. Quantum The period of the Trading Session during which the Contractor 1 must enter orders.
    [Show full text]
  • Company News SECURITIES MARKET NEWS
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody October 24, 2019 Issue No. 2019/40 Company News German ruler clears Freight One to buy 50% in TransContainer On October 18, 2019 it was reported that the Federal Cartel Office of Germany cleared rail cargo operator Freight One, part of businessman Vladimir Lisin’s Fletcher Group, to buy a 50% plus two shares stake in container shipping company TransContainer. The company attained a permit for the deal from the Russian antitrust on October 11. An auction for a controlling stake in TransContainer belonging to Russian Railways is scheduled for November 27, with a starting price of RUB 36.159 bln. VTB Capital is the organizer. Bids are accepted from August 8 until November 15. A competitor for the stake must make RUB 3.616 bln initial payment. Several companies, including Freight One and Yenisei Capital expressed interest in the stake in TransContainer. Yenisei Capital affiliated with co-owners of Evraz Alexander Abramov and tycoon Roman Abramovich already holds 24.5051% in TransContainer. Uralkali to mull merger with unit, cancelation of treasury shares On October 21, 2019 it was announced that Russian fertilizer producer Uralkali scheduled an extraordinary general meeting of shareholders for December 4 to discuss a merger of the company with subsidiary Uralkali-Technology and cancelation of a quasi-treasury stake owned by the subsidiary. During the merger of the company with Uralkali, company’s own shares owned by the company will be canceled, the shares of the company owned by Uralkali will be canceled, and the shares of Uralkali owned by the company will be canceled.
    [Show full text]
  • Valuation of VTB Bank (PJSC)
    Valuation of VTB Bank (PJSC) Summary of valuation report №17 BI 125 RO Valuation date: 01 July 2017 Client: VTB Bank (PJSC) Consultant: RUSSIAN APPRAISAL 25 August 2017 2 25 August 2017 To Deputy President of VTB Bank (PJSC) Mr. Herbert Moos Dear Mr. Moos, In accordance with agreement №17 BI 125 RO between VTB Bank (PJSC) and RUSSIAN APPRAISAL dated 19 July 2017 we have estimated market value of one ordinary share, one Type 1 preference share and one Type 2 preference share of VTB Bank (PJSC). Valuation date: 1 July 2017. The performed analysis allows us to make the following conclusion: Market value of one ordinary share of VTB Bank (PJSC), subject to all assumptions and limiting condition, as of 1 July 2017 falls within range (rounded) from 3.8 kopecks (lower limit) to 8.2 kopecks (upper limit). Market value of one Type 1 preference share of VTB Bank (PJSC), subject to all assumptions and limiting conditions, as of 1 July 2017 equals to 1.0 kopeck. Market value of one Type 2 preference share of VTB Bank (PJSC), subject to all assumptions and limiting conditions, as of 1 July 2017 equals to 10.0 kopeck. The results of current valuation were approved by the Russian Society of Appraisers in accordance with the expert opinion № 1619/2017/2 from 19 September 2017. This document represents a summary of the full valuation Report of VTB Bank (PJSC) prepared in compliance with Federal Valuation Standards of Russia. Full text is provided in the original Report. The methodology of calculations and drawing conclusions, sources of information and all key assumptions, calculations and conclusions are provided in the Report.
    [Show full text]
  • Russia's Armed Forces: the Power of Illusion
    Russia's Armed Forces: The Power of Illusion Roger McDermott March 2009 Russia/NIS Center Ifri is a research center and a forum for debate on major international political and economic issues. Headed by Thierry de Montbrial since its founding in 1979, Ifri is a non-governmental and a non-profit organization. As an independent think tank, Ifri sets its own research agenda, publishing its findings regularly for a global audience. With offices in Paris and Brussels, Ifri stands out as one of the rare French think tanks to have positioned itself at the very heart of European debate. Using an interdisciplinary approach, Ifri brings together political and economic decision-makers, researchers and internationally renowned experts to animate its debates and research activities. The opinions expressed in this article are the authors’ alone and do not reflect the official views of their institutions. Russia/NIS Center © All rights reserved – Ifri – Paris, 2009 ISBN: 978-2-86592-476-9 IFRI IFRI-Bruxelles 27 RUE DE LA PROCESSION RUE MARIE-THERESE, 21 75740 PARIS CEDEX 15 – FRANCE 1000 BRUXELLES TEL. : 33 (0)1 40 61 60 00 TEL. : 32(2) 238 51 10 FAX : 33 (0)1 40 61 60 60 FAX : 32 (2) 238 51 15 E-MAIL : [email protected] E-MAIL : [email protected] WEBSITE : www.ifri.org R. McDermott / Russian Military Power Russie.Nei.Visions Russie.Nei.Visions is an electronic collection dedicated to Russia and the other new independent states (Belarus, Ukraine, Moldova, Armenia, Georgia, Azerbaijan, Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan and Kyrgyzstan). Written by leading experts, these policy-oriented papers deal with strategic, political, and economic issues.
    [Show full text]